Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

Delta Electronics (Thailand) / Equity Bottom-Up

<ul><li>We expect DELTA’s 1Q26E profit to remain strong at Bt7.7bn (+54% YoY, +13% QoQ), supported by continued revenue growth.</li><li>We believe the market is entering a re-rating phase for DELTA, driven by increasing clarity regarding its liquid cooling production. Investors increasingly view this technology as a "New S-curve" that will provide a robust growth trajectory for the company.</li><li>We maintain Underperform but raise our fair value (FV) to Bt217 from Bt165, based on a higher P/E of 100x (+2SD) from 74x. Moreover, under Scenario 2 – which assumes FX in line with consensus – Our FV would rise to Bt261.</li></ul>

We expect DELTA’s 1Q26E profit to remain strong at Bt7.7bn (+54% YoY, +13% QoQ), supported by continued revenue growth.We believe the market is entering a re-rating phase for DELTA, driven by increasing clarity regarding its liquid cooling production. Investors increasingly view this technology as a "New S-curve" that will provide a robust growth trajectory for the company.We maintain Underperform but raise our fair value (FV) to Bt217 from Bt165, based on a higher P/E of 100x (+2SD) from 74x. Moreover, under Scenario 2 – which assumes FX in line with consensus – Our FV would rise to Bt261.

DELTA ELECTRONICS Plc. (DELTA): Not a De-Rating, But a Re-Rating Driven by a New S-Curve